Problem 9 BA Due to rapid turnover in the accountng department, a number of transactions lving tangble assets were improperly recorded by Goins Company in 2017 Goins developed a new manufacturing process, incumng research and development costs of $136,000 The company also prchased a patent for $60,000 In early January, Goins capitalized $196,000 as the cost of the patents. Patent amortation expense of $19,600 was recorded baed on a 10 year useful Me On July 1, 2017, Goins purchased a small company and as a reut acqured goodwill of 592,000, Gons recorded a hall year's amortization in 2017, based on a 50-year lide (S920 amortization). The goodwill has an indefinite Me Prepare all journal entries necessary to comect any erors made during 2017. Assume the books have not yet been closed for 2017. (Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is regired, select "No Entry" for the account titles and enter 0 for the amounts) No. Account Titles and Explanation Deb Credi 1 (To recond rearch and delpet pe (To reverse antiaton epee sesow LIST OF AGCOUNIS Problem 9 BA Due to rapid turnover in the accounting department, a mmber of transactions lng tangble assets were mproperly recorded by Gons Company in 2017 1 Goins developed a new manufacturing process, ncurng research and development costs of $136,000. The company also purchased a patent for 0,000. In early lanuary, Goins captalied $196,000 as ther cost of the patents. Patent amertization expense of $19,600 was recorded baed on a 10 year useful Me 2. On July 1, 2017, Gons purchased a small company and as a res red goodwi of $92,000 Gons recorded a half year's amortuation in 2017, bsed on a 50 year Me (920 amotation) The goodwill has an indefinite lde Prepare all journal entries necessary to corect any errors made during 2017 Assume the books have not yet been closed for 2017 (Credt account ttles are automatically indted when amont is entered Do not indent manually f no entry is required, sedect "No Entry" for the account titles and enter 0 for the amounts) No. Account tles and Explanation Deb Credit (To record resnarch and devekopment epee (To reverse amortation epense 2 SIHOW LISY OF ACCOUINES Problem 9BA Due to rapid turnover in the accounting department, a number of transactions involving intangble assets were improperly recorded by Goins Company in 2017 Goins developed a new manufacturing process, incurring research and development costs of $136,000. The company also purchased a patent for $60,000. In early January, Goins capitalized $196,000 as the cost of the patents. Patent amortization expense of $19,600 was recorded based on a 10 year useful ife. 1. On July 1, 2017, Goins purchased a small company and as a result acquired goodwill of $92,000. Goins recorded a half year's amortization in 2017, based on a 50-year fe (920 amortization). The goodwill hasi an indefinite iMe 2. Prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017. (Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Ttles and Explanation Debit Credit 1 (To recond reserch and development expense) (To reverse amortation expense SHOW LIST or ACCOUNES
